ACEN closes initial 10% sale in India solar project

ACEN Corp. has completed the sale of an initial 10-percent voting stake in its 250-megawatt (MW) solar project in India, kicking off the first stage of a divestment that could eventually bring its ownership in the venture down by as much as 49 percent.

In a disclosure on Thursday, the Ayala Group’s listed energy platform said Diamond India Renewables One B.V. (DIRO) acquired the initial stake in Tejorupa Renewables India Project Private Limited after all conditions under the Securities Subscription and Purchase Agreement were satisfied.

“Transaction closing was achieved on 23 September for the acquisition by Diamond India Renewables One B.V. of an initial 10 percent voting interest in Tejorupa,” the disclosure read.

Tejorupa is developing and constructing a 250-MW alternating current utility-scale solar project in Rajasthan, India.

ACEN first announced the transaction in June, when its subsidiary Unlimited Renewables Holdings B.V. and Amsa Solar Holdco Pte. Ltd. signed agreements with DIRO for the sale of up to 49 percent of Tejorupa.

Amsa Solar is part of ACEN’s joint venture with UPC Renewables for renewable energy projects in India.

ACEN had said the divestment would be completed in stages, beginning with DIRO’s acquisition of a 10-percent voting interest.

The company has yet to disclose the transaction's value or the timetable for DIRO to acquire the remaining stake covered by the agreement.

ACEN expects its operating capacity to exceed 8 gigawatts by the end of the year, with about 15 percent coming from solar, wind and battery projects across its domestic and international portfolio.

The company, which has transitioned its generation portfolio to 100-percent renewable energy, is also targeting net-zero greenhouse gas emissions by 2050.